Sheikh Ahmed: Luring foreign investment.
Qatar provides an encouraging investment environment characterised by transparency and streamlined procedures for local and foreign investors, HE the Minister of Economy and Commerce Sheikh Ahmed bin Jassim bin Mohamed al-Thani said yesterday in a meeting with presidents and directors of major American companies at Harvard Club of New York.
Addressing a roundtable conference organised at the invitation of the Business Council for International Understanding, which was also attended by the Chief Executive Officer of Qatar Investment Authority Ahmed Mohamed al-Sayed, the Minister said the openness, flexible and quick procedures and the company foundation law played a vital role in attracting foreign capital to Qatar.
The country, while applying Qatar Vision 2030, seeks to liberate the Qataris from relying on just oil and gas as two major income sources, and is working to diversify its economy through the use of creative economic mechanisms, the Minister said.
In this context, the Minister pointed to the huge investment in infrastructure development, in addition to opening the doors wide to those interested in investing in industry, agriculture, education, health, services, consulting, information technology, hospitality, tourism and recreation, industry petroleum derivatives, (petrochemicals), construction sector and real estate.
He told participants in the roundtable that foreign investors could be able to participate in all economic activities in Qatar by owning 49% of the invested capital, and this percentage could rise to reach 100% in certain areas such as agriculture, industry, health, education, tourism, development and extraction of minerals and energy, consulting, culture, sports, technical services and technology, according to the provisions of law No 13 of 2000. The Minister added that foreigners can own real estate in some specific locations.
Sheikh Ahmed said investment can be made in Qatar Financial Centre and the Educational City since they are viewed as a free trade zone, stressing that national laws governing economic activity are flexible and are updated on a continuous basis to keep pace with international standards. He stated that the rates of taxes and fees for founding companies in the country are encouraging factors for investors because they are low to attract foreign investments.